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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: FTSE +0.34%, DAX30 +0.45%, CAC40 +0.34%

Sep 15 ,2023

  • Synopsis

    • European equity markets indicated higher, amid positive ripples from Asia-Pacific region. Hang Seng leading China markets higher following latest activity data (China industrial production and retail sales growth topped forecasts and unemployment rate unexpectedly declined). Other markets making new highs with miners driving ASX's outperformance. Iron ore scales five-month high.

    • ARM rose 25% on the first day of trading, translating to market cap of more than $65B Reuters and FT cited market participants' views that Arm's strong performance suggests IPO appetite may be on the rebound. Articles flagged potential tailwind for upcoming offerings -- Instacart, Klaviyo, Birkenstock -- and if these succeed, bankers and analysts believe they will likely trigger a wave of IPOs next year

    • European macro data releases include France Aug final CPI, Italy Aug final CPI, Jun trade balance, Norway Aug trade balance, Eurozone Jul trade balance, Austria Aug final CPI

    • Also on today's agenda: Eurogroup meeting, ECB's Lagarde press conf following meeting at 11:45CET and informal ECOFIN meeting (through Sat), Lagarde also attending. ECB's Fernandez-Bollo chairing panel at 9:10CET at The EUROFI 2023 Financial Forum. BoE's Inflation Attitudes Survey at 9:30BST. Bank of Portugal releases its latest Official Bulletin. Bank of Finland's latest economic forecast. EU's Hahn delivers a keynote speech at 10:00CET at the Skopje Economic and Finance Forum 2023. Greece's PM Mitsotakis hosts EU's Kyriakides.

    • Also of note, Novartis (NOVN.SW) shareholders vote on Sandoz spin-off and Volkswagen Group (VOW.GR) monthly deliveries. H&M Hennes & Mauritz (HM.B.SS) reports Q3 Sales today, with consensus looking for sales SEK63.77B, growth, local FX +4.5%. Lenzing (LNZ.AV) guides FY EBITDA €270-330M vs prior guidance €320-420M and FactSet €318.93M

    • Sovereign credit rating reviews due after the close Fri include DBRS (Netherlands), Fitch (Germany, Malta), Moody's (Greece, Luxembourg), S&P (Belgium, Spain)

  • Macro/politics

    • ECB hawks warn of December rate rise if inflation and wages stay hot - FT

    • France targets 16 billion euros in savings next year, trims growth outlook - Reuters

    • China Economy Shows More Signs of Stability on Policy Boost - Bloomberg

  • Top company news

    • Earnings/updates

      • LNZ.AV (Lenzing) -- guides FY EBITDA €270-330M vs prior guidance €320-420M and FactSet €318.93M

      • ESI.FP (ESI Group) -- reports H1 net income €5.7M vs year-ago €13.9M

      • Also reporting today

        • Earnings: Wustenrot & Wurttembergische (WUW.GR), Ringmetall (HP3A.GR), Havila Kystruten (HKY.NO)

        • Trading Update: H&M Hennes & Mauritz (HM.B.SS)

        • CMD/events: AddLife (ALIF.B.SS)

    • M&A

      • GLE.FP (Societe Generale) -- open to selling non-core Equipment Finance business - Reuters

      • RHC.AU (Ramsay Health Care) -- EQT Group in the mix for Ramsays' Asian hospital business - The Australian

      • RHC.AU (Ramsay Health Care) -- provides update on sale of Ramsay Sime Darby JV, to announce outcome before AGM

      • (OTHER) COFB.BB (Cofinimmo) -- becomes majority shareholder in a property company created by the French Red Cross; represents an investment of €13M

    • Healthcare

      • NOVN.SW (Novartis) -- presents data from Phase III NATALEE trial at ESMO Virtual Plenary

      • BAYN.GR (Bayer AG) -- plans to cut management jobs -- Reuters

    • Other

      • BP.LN (BP) -- chair Helge Lund rules himself out of running to become CEO - FT

      • HEIA.NA (Heineken) -- to invest €430M for new brewery in Yucatán

      • LR.FP (Legrand) -- signs contract to implement a third share buyback tranche for up to €90M

      • SIKA.SW (Sika Group) -- Sika announces Chair Paul Hälg to step down; Thierry F. J. Vanlancker proposed as new Chair

      • AF.FP (Air France-KLM) -- commences formal process to replace aging widebody aircraft in favour of more fuel-efficient widebody jets - Bloomberg

      • OCI.NA (OCI NV) -- to double green methanol capacity at Texas facility to 400K metric tons/year

      • FGR.FP (Eiffage) -- and Enshore Subsea signed an EPCI contract with MCA-Sénégal II for the design, manufacture and installation of undersea electrical cables in Dakar, with a total value of $205M

      • Petrobras signs MoU with TotalEnergies and Casa dos Ventos to evaluate renewable energy projects in Brazil

  • Key rating changes

    • Upgrades

      • TEL.NO (Telenor) -- to overweight from equal weight at Barclays

      • DLN.LN (Derwent London) -- to buy from neutral at Goldman Sachs

      • GPE.LN (Great Portland Estates) -- to neutral from sell at Goldman Sachs

      • MOR.GR (Morphosys) -- to neutral from sell at Goldman Sachs

      • ISP.IM (Intesa Sanpaolo) -- to buy from hold at Jefferies

      • TEL2.B.SS (Tele2) -- to buy from sell at SEB

      • VITR.SS (Vitrolife) -- Vitrolife short-term recommendation upgraded to buy from hold at Handelsbanken

      • ANDR.AV (Andritz) -- to buy from accumulate at Erste Group

    • Downgrades

      • TELIA.SS (Telia) -- to equal weight from overweight at Barclays

      • MB.IM (Mediobanca) -- to hold from buy at Jefferies

    • Initiations

      • UBI.FP (Ubisoft Entertainment) -- equal-weight at Morgan Stanley

      • ATCO.B.SS (Atlas Copco) -- outperform at Oddo

      • SKA.B.SS (Skanska) -- buy at Nordea

      • ABI.BB (Anheuser-Busch InBev) -- outperform at TD Cowen

      • NICL.LN (Nichols) -- hold at Peel Hunt

      • TEL.NO (Telenor) -- buy at SEB

  • Data

    • Nikkei +1.18% to 33559.18

    • Hang Seng +1.07% to 18240.60

    • Shanghai Composite (0.37%) to 3115.05

    • S&P futures +8.5 vs prior close of 4555.0

    • €-$ +0.0008 or +0.08% to 1.0653

    • $-¥ (0.05) or (0.03%) to 147.43

    • €-¥ +0.11 or +0.07% to 157.06

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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